Business
Power Corporation of Canada Reports Fourth Quarter and 2013 Financial Results and Dividends
Readers are referred to the sections entitled "Non-IFRS Financial Measures" and "Forward-Lo...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\nReaders are referred to the sections entitled \"Non-IFRS Financial\n Measures\" and \"Forward-Looking Statements\" at the end of this release.\n\n\nMONTREAL, March 19, 2014 /CNW Telbec/ - Power Corporation of Canada\n (TSX: POW) today reported earnings results for the fourth quarter and\n the year ended December 31, 2013.\n\n\nFOURTH QUARTER RESULTS\n\n\nOperating earnings attributable to participating shareholders (a\n non-IFRS financial measure) for the quarter ended December 31, 2013\n were $218 million or $0.47 per share, compared with $219 million or\n $0.48 per share in 2012.\n\n\nExcluding the impact of acquisition and restructuring costs associated\n with the Irish Life Group Limited (Irish Life) acquisition by\n Great-West Lifeco Inc. (Lifeco), a subsidiary of Power Financial, and\n mark-to-market losses on macro capital hedges, operating earnings\n attributable to participating shareholders were $259 million or $0.56\n per share, compared with $219 million or $0.48 per share in 2012.\n\n\nOther items, not included in operating earnings, represented a\n contribution of $82 million. Other items included the Corporation's\n share of other items at Power Financial as well as charges related to\n Square Victoria Communications Group Inc., a subsidiary of the\n Corporation, for an amount of $43 million, which comprised a one-time\n cash payment related to new terms and conditions of the contract to\n print the La Presse newspaper. In 2012, other items represented a net charge of $140\n million. Additional details on other items can be found in this news\n release and in the section entitled \"Other Items\" below.\n\n\nNet earnings attributable to participating shareholders were\n $300 million or $0.65 per share, compared with $79 million or $0.18 per\n share in 2012.\n\n\n2013 RESULTS\n\n\nFor the year ended December 31, 2013, operating earnings attributable to\n participating shareholders were $959 million or $2.08 per share,\n compared with $947 million or $2.06 per share in 2012.\n\n\nExcluding the impact of acquisition and restructuring costs associated\n with the Irish Life acquisition and mark-to-market losses on macro\n capital hedges, operating earnings attributable to participating\n shareholders were $1,035 million or $2.24 per share.\n\n\nOther items, not included in operating earnin...